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Blogs - Jul 2015

The End of Work as We Know It by Jean Pisani-Ferry
Thu, 2015-07-02 06:56

Technology in the form of automation and digital intermediaries like Uber are fundamentally transforming the job market. Rather than try to stop the unstoppable, we should think about how to put this new reality at the service of our values and welfare.

What is Full Employment? by Martin Feldstein
Thu, 2015-07-02 07:10

In an important sense, the US economy is now at full employment: The relatively tight labor market is causing wages to rise at an accelerating rate, because employers must pay more to attract and retain employees. This has important implications for policymakers – and not just at the Federal Reserve.

Two concepts of "austerity" by Alberto Mingardi
Tue, 2015-07-21 22:58

Austerity as a Knowledge Transmission Mechanism failure by Simon Wren-Lewis
Wed, 2015-07-22 00:37

Canadians: Successful Austerians? by Stephen Williamson
Wed, 2015-07-22 00:52

Did Monetary Policy Really Offset Fiscal Austerity in Canada? by David Beckworth
Wed, 2015-07-22 07:37

Who is the real revolutionary figure in modern macro, Friedman or Lucas? by Matias Vernengo
Wed, 2015-07-22 21:52

The Phillips curve: A good model, at least for Ireland by Stefan Gerlach, Reamonn Lydon, Rebecca Stuart
Wed, 2015-07-22 22:41

Despite being a mainstay of macroeconomic theory for the past half century, the Phillips curve often receives the death knell from various commentators. These critiques often rely on results from data samples spanning relatively short periods. Using the case of Ireland, this column argues that short-term idiosyncrasies can explain the failure of the model in these contexts. Taking a longer historical view, the Phillips curve remains a useful macroeconomic model, at least in the Irish context.

Today’s Dark Lords of Finance by Alexander Friedman
Thu, 2015-07-30 07:28

The unprecedented period of coordinated loose monetary policy since the beginning of the financial crisis in 2008 could have large unintended consequences. In particular, institutional investors, such as pension funds, have responded to near-zero interest rates by making riskier investments – leaving them dangerously exposed.

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